MRV Communications to buy Fiberxon for $131 mln

RobertDaniel

NEW YORK (MarketWatch) -- MRV Communications Inc.,
MRVC, +0.63%
the Chatsworth, Calif., provider of telecom-network equipment and services and optical components, said it would pay $131 million of cash and stock for Fiberxon, the Santa Clara, Calif., supplier of transceivers. Terms call for MRV to pay $17 million cash and 21 million common shares, and then another $31.5 million in cash, shares or both within 18 months of the deal's closing. Fiberxon's 2006 revenue was $45 million to $48 million. MRVC said it would combine Fiberxon with its Luminent transceiver subsidiary. MRV Communications shares fell 6 cents, or 1.5%, to $3.83. In a separate statement, MRV said that after it closes the purchase of Fiberxon, which it expects to do in the first half, it plans to take Luminent public. MRVC said it hasn't set terms of such an offering, nor has it chosen an underwriter. (Adds plan to take Luminent public.)

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